Investing.com -- Andrew McKenna, the Chairman of McDonald’s Corporation's (NYSE:MCD) Board of Directors, announced on Wednesday that he will not seek re-election at the company's annual shareholders meeting on May 26, effectively retiring from his position after 25 years on the board.
McKenna, 86, has served as McDonald's Non-Executive Chairman of the Board since April, 2004 and a Non-Executive Director since 1991. McKenna's retirement comes at the end of a resurgent fiscal year for McDonald's, which has seen its stock soar by approximately 30% since Steve Easterbrook took over as the company's CEO last spring.
"Andy’s business integrity is an example for all of us to follow and we are deeply indebted for his tireless dedication and counsel," Easterbrook said in a statement.
Besides his position with McDonald's, McKenna serves as Chairman of the Executive Advisory Board at The Edgewater Funds and a lead director at the AON Insurance Corp., a position he has maintained for more than 45 years. McKenna also occupies a host of leadership positions throughout Chicago, including a members of the Board of Governors at the Chicago Stock Exchange and director of the Chicago Bears, as well as the Lurie Children's Hospital of Chicago.
"It has been a privilege and honor to be part of McDonald’s growth and expansion throughout the years,” McKenna said in a statement. “I am confident that the Board will continue to deliver on our progress to enhance long-term shareholder value."
Prior to Easterbrook's hiring last January, McDonald's USA's annual same stores sales growth fell 1.7% in the fourth quarter of 2014. It marked a steady decline for comparable store revenues at the fast-food giant, which peaked above 10% in the first quarter of 2012.
"Andy’s leadership helped guide McDonald’s through some noteworthy highs and some challenging times,” said Miles White, Chairman of the Governance Committee of the Company’s Board of Directors. “We thank Andy for his unwavering commitment and appreciate his willingness to continue sharing his insights with us."
Shares in McDonald's inched down 0.09 or 0.07% to 127.43 in after-hours trading.